Abu Dhabi firm investing over $1 billion in UK oil fields

ABU DHABI

ABU DHABI Abu Dhabi National Energy Co (TAQA) TAQA.AD, majority-owned by the Abu Dhabi government, is investing over $1 billion (624.5 million pounds) in British North Sea oil fields owned by BP Plc (BP.L), sources familiar with the deal said on Wednesday.

The deal follows changes to the tax treatment of North Sea oil assets, the sources said.